Top Analyst Warns of DOGE Danger for All Memecoins

Top Analyst Warns of DOGE Danger for All Memecoins

Crypto analyst warns that Dogecoin may signal the end of memecoins as it fails to make gains during the recent meme token craze, suggesting that the trend may be fake and investors should focus on trading altcoins during bull markets.

A broadly followed cryptocurrency analyst is issuing a warning to traders that Dogecoin (DOGE) is hinting at a possible reckoning for memecoins.

In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that Dogecoin (DOGE) barely moving during the most up-to-date Meme Coin crypto token craze implies that Meme Coin assets could be in danger.

Reports by Merten, Dogecoin (DOGE) losing the small profits it made the previous  30 days could mean that the memecoin tendency is “fake.”

“What does that tell you when Dogecoin (DOGE), the largest memecoin out there, doesn’t even cause a slight move to the upside during this Meme Coin craze?

It was up 3 percent the previous  30 days, all the profits that it made faded. If Dogecoin (DOGE) doesn’t hold up, what does it tell you about Pepe? What does it tell you about all these other memecoins that did well? It tells you that it’s a fake tendency, it’s nothing substantial, there is nothing real to it, it is people propping it up with initial liquidity.”

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Merten goes on to emphasize that investors should really only be looking to trade crypto altcoins during bull markets as historically, crypto altcoins tend to bleed out against Bitcoin (BTC) and the United States dollar the bulk of the time.

“It has been unfavorable to buy Dogecoin (DOGE) since then back when the market truly peaked in crypto altcoins in April and May of 2021. That was when really the euphoria was in and time and time once more, just like in previous cycles for Dogecoin (DOGE), if we take a look back at history, it’s a great gauge [to] turn  back on and learn about how it’s only favorable to trade crypto altcoins when we’re really in a bull market and when we’re in an crypto altcoin cycle, and they come very rarely.

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The vast bulk of the time, crypto altcoins are bleeding not just against Bitcoin (BTC) but [ likewise the] dollar.”

Dogecoin (DOGE) is trading for $0.0706 at the moment of writing, a 3.2 percent dip during the last 24 hours.


Generated Image: Midjourney


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